As we approach the new year, questions about buying or selling a home in the Triangle area naturally arise. Should you jump in now, or wait for a better time? Fear not, future homeowner! While uncertainty looms large in many sectors, the 2024 Raleigh housing market forecast paints a surprisingly bright picture.
Expert Predictions Suggest Steady Price Growth
Take a look at the latest home price forecasts from the organizations Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR):
Remember the doomsday headlines about crashing prices? They were just that – headlines. 2023 saw surprisingly stable values, thanks to a persistent imbalance between buyer demand and available homes. This “inventory crunch” shows no signs of abating, keeping upward pressure on prices.
While the projected growth may not match 2023’s figures, let’s consider the bigger picture: home price appreciation is cumulative. In simpler terms, if experts are right, your Raleigh home’s value could rise by 4.3% (2.8% + 1.5%) in just two years. Homeownership remains a sound long-term investment, and 2024 looks promising for Triangle area property owners.
A Slight Pick-Up in Sales Activity
While 2023 wasn’t exactly a banner year for sales volume, experts anticipate a modest increase next year. The same three organizations predict a slight upward trend in both remaining months of 2023 and throughout 2024 (see graph below):
It may be subtle, but this projected uptick is good news for everyone. More movement in the market translates to greater options for buyers and potentially quicker sales for sellers. Remember, life events like job changes, family growth, and relationship milestones lead people to move regardless of market conditions. This underlying demand will continue to fuel activity in 2024, and possibly even more so if mortgage rates decline.
Bottom Line
The 2024 Triangle area housing market forecast hints at a more active and stable year. While individual circumstances will always play a role, understanding expert predictions gives you the power to make informed decisions. Let’s discuss the latest forecasts in detail and tailor a plan that aligns perfectly with your unique real estate goals. Whether you’re a seasoned seller or a first-time buyer, the journey begins with open communication and a solid understanding of the market landscape. Contact Linda Craft Team Realtors today, and let’s make your next move one you’ll celebrate for years to come!